Construction Equipment Market Trend 2020 Global Players CNH Industrial, Caterpillar Inc., Liebherr Group, Volvo Construction Equipment, SANY Group, Terex Corporation.
During the period of 2018-2024, the Construction Equipment Market is anticipated to expand with a CAGR of 4%. The globally flourishing construction sector is surging the demand for high-performance machinery that aids in reducing human involvement in the construction process. The rapid growth in the number of construction activities is exerting pressure on the existing human resources. The demand for sophisticated construction equipment that reduces the overall capital investment will contribute to the construction equipment market growth.
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Infrastructure refurbishment and modernization being the most significant factors responsible for the overall development of an economy are compelling several government organizations to invest heavily in the construction sector. Increasing government investments in the construction sector will surge the demand for sturdy construction machinery. Large-scale road and rail construction projects undertaken by government organizations will further stress the demand for construction equipment market. Tight project completion schedules are throwing light on the significance of the use of the advanced construction machinery.
Construction Equipment Market, By Product
o Earthmoving & Road Building Equipment
4. Compaction Equipment
o Material Handling & Cranes
1. Storage & Handling Equipment
2. Engineered Systems
3. Industrial Trucks
4. Bulk Material Handling Equipment
o Concrete Equipment
1. Concrete Pumps
3. Transit Mixers
4. Asphalt Pavers
5. Batching Plants
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The Asia Pacific construction equipment market will witness a strong growth owing to the growing government focus toward the construction sector. Initiatives, such as Make in India and Made in China 2025, supporting the infrastructure sector will favor the industry growth. Initiation of projects, such as South-North Water Transfer Project in China, will propel the industry demand in the region. The development of smart city projects in Singapore will surge the demand for high-performance machinery.
The major players operating in the construction equipment market include Volvo Construction Equipment, Caterpillar, Inc., Komatsu Ltd., Hitachi Construction Machinery Co., Ltd., CNH Industrial, Zoomlion Heavy Industry Science & Technology Co., Ltd., Kobelco Construction Machinery Co., Ltd., Terex Corporation, Liebherr, and Sany Group. The industry is characterized by new product launches and expansion of product portfolio to enhance its market presence. Competitive pressure in the industry is compelling the industry participants to invest in new technologies, which will favor the construction equipment market growth.
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